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EASY-Save series from Tiq by Etiqa (up to 4.07% pa) LIFE INSURANCE

This article was written in collaboration with Etiqa Insurance. Although they compensate us financially, we still strive to maintain our editorial integrity and to review products with the same objective lens. We strive to give you the best recommendations and advice so that you can confidently make personal financial decisions. You can view ours Editorial guidelines here,


One of the most important and yet often neglected things that Singaporeans have to do is increase our prosperity.

Yes, one way is to leave a percentage of our salary in the bank aside and hope that interest rates will help our money grow in the long run.

However, you may be able to achieve more than 4% pa Certain savings accounts require you to meet a number of conditions, including: B. A monthly minimum credit of an average of $ 200,000 per day. typically, Savings account interest rates start at 0.05% p.a.

Investing actively can also be a challenge. Most of us are so busy with full-time employment and family commitments that there is hardly any time left to deal with the Internet stock market – or even take the first step to learn the entire financial language. In addition, everything is talked about here Planning for our retirement early.

The good news is that building wealth doesn’t have to be as complicated or time-consuming as it seems. THE SIMPLE to save Insurance savings plans at Tiq – Etiqa Insurance’s digital channel – allow you to sit back and let your money work for you … with attractive credit rates (for eEASY to save V) and various premium conditions for booting, Saving is easy and hassle-free as you can save from as little as USD 5,000 a year with a high earnings potential of up to 4.07% pa

Let’s take a closer look at how it works:

Scenario 1: Saving for a medium-term goal, e.g. B. a dream wedding or a renovation of your house

Tom and Sally are a Singaporean couple who plans to save for their wedding and new home. Both are currently in their second year of study and hope to marry after graduation and work full-time for a few years. In the meantime, they would also like to apply for a BTO apartment and use part of the saved money for their renovation.

By saving early, you can reduce your financial burden by not spending all of your money at once. If you plan ahead, you get the resources you need and a little more on the road.

One way to do this is through eEasy save V – a medium-term plan with a reasonable Tiq credit ratio. So Tom and Sally can do one guaranteed 2.68% p.a. crediting rate In the first 6 years, they can optimize their savings and achieve monetary goals such as: B. their wedding and renovation of their home. They also enjoy one short premium term – Tom and Sally only have to pay for 2 years, or make an advance payment for both years to get a 3% discount on the 1 year premium. additionally short blocking period This means that after the sixth year, they can make a full payout with no fees or continue to save at current market prices.

However, eEASY save V is a non-participating life insurance savings plan where Tom and Sally do not receive any premiums from the profits of the participating fund.

However, there are also other benefits such as the loyalty bonus (not guaranteed), which corresponds to 0.6% of the account value and is paid out at the end of the sixth year and every 6 insurance years, provided that no partial payment has yet taken place, Tom and Sally also receive a free partial withdrawal (subject to the terms and conditions)you can make a payment before the end of the 6 years without incurring a partial payment fee. There is also a death benefit equal to 101% of the account value.

Here’s what happens when Tom and Sally start eEasy save V At Tiq, you choose to make an advance payment with a minimum deposit of $ 10,000 per year.

BEGIN:

Tom and Sally have made an upfront payment of $ 20,000 and will receive a 3% discount on their first annual subscription of $ 19,700

YEAR 1 to 6:

Tom and Sally complete their studies and join the workforce.

You can make partial withdrawals with no fees (subject to the terms and conditions)This applies, for example, in the event that the policyholder is diagnosed with an incurable disease.

From 7 years:

At the end of the sixth year, Tom and Sally can now choose to continue at the prevailing rate or to deduct the full amount at 2.68% pa Credit rate and a loyalty bonus (not guaranteed) of 0.6% = $ 23,107

Without 0.6% loyalty bonus: $ 22,970

Savings: $ 300 No action needed Total profit: $ 3,407

Scenario 2: Saving for a medium to long-term goal, e.g. B. Your child’s university education

Now Paul and Jane, parents of a 3 year old, meet. Like most Singaporean parents, they already have a child development account and one Savings account for children, But is that enough?

They not only save money for their child’s university education, but also consider planning a lump sum for a wonderful family vacation / emergency fund. Enter Tiq eEasy savepro – a medium to long-term plan with high earnings potential.

Paul takes up the eEASY savepro Insurance savings plan, and he can now help achieve his savings goals high potential return up to 4.07% p.a. With a capital guarantee of more than 100% on maturity and a death grant of 105% of the total premiums paid, Paul save with insurance, He also enjoys flexible premium payments – Choose either a flat-rate premium with up to 4.5% advance discount on the 1-year premium or for an annual payment with 4.5% advance discount (for a 10-year premium term).

Since this is a participating insurance savings plan, the premiums paid by Paul are combined with those of the other participating policies offered by Etiqa Insurance in a specially designated “participating fund”. The participating fund invests in a number of assets such as bonds, stocks, cash, deposits, loans or other assets. So, if available, he will receive bonuses from the profits of the participating fund.

The following happens when Paul starts eEasy savepro For a contract period of 7 years (two-year premium period) to the term (medium-term) at Tiq, an advance payment is made with a minimum deposit of USD 5,000 per year. His goal? A wonderful family vacation.

BEGIN:

Paul makes an upfront payment of $ 10,000 and receives a 4.5% discount on the first year bonus amount = $ 9,775

YEAR 1 to 7:

Paul and Jane focus their energies on the growth and education of their child while waiting for Paul’s policy to mature.

After the 7th year:

The policy expires after the seventh year. Paul receives the full amount on the following terms:

Total Illustrated Maturity Return:

  • 3.14% p.a. (investment return illustrated at 4.20% pa) = $ 12,136
  • 1.96% p.a. (Illustrated at 2.70% p.a. Return on Investment) = $ 11,194

Guaranteed maturity return:

Savings: $ 225 No action needed Gross Margin:

At 4.20% p.a. Illustrated return on investment: $ 2,361

At 2.70% p.a. Illustrated investment return:

$ 1,419

The following happens when Paul starts eEasy savepro for a contract period of 15 years (10-year premium period) to maturity (long-term) with a minimum deposit of USD 5,000 per year.

BEGIN:

Paul invests $ 5,000 per year for 10 years and receives a 4.5% discount on the first year bonus amount = $ 49,775

YEAR 1 to 15:

Paul and Jane focus their energies on the growth and education of their child while waiting for Paul’s policy to mature.

After the 15th year:

The policy expires after the age of 15. Paul receives the full amount on the following terms:

Total Illustrated Maturity Return:

  • 4.07% p.a. (investment return illustrated with 4.75% pa) = $ 76,091
  • 2.51% p.a. (at 3.25% pa investment return illustrated) = $ 64,720

Guaranteed maturity return:

Savings: $ 225 No action needed Gross Margin:

At 4.20% p.a. Illustrated return on investment: $ 26,316

At 2.70% p.a. illustrated return on investment

$ 14,945

With EASY you can easily increase your wealth to save Insurance savings plans at Tiq by Etiqa

  1. Check your details via MyInfo or take a picture of your NRIC / FIN
  2. If you are not from Singapore, provide proof of address, e.g. B. based on your invoices or bank statements
  3. Simply pay online via a DBS / POSB bank account or PayNow. The bank account should match the policyholder’s name
  4. Repeat the above steps if you buy more than one policy

EASY save series early bird offers:

  • eEasy saveproBe the first 5 customers to shop daily and receive up to $ 7,500 shopping vouchers

  • eEasy save VBe the first 5 customers to purchase up to $ 500 a day voucher

  • Additional CNY promo (of January 23 through February 4, 2020) – Customers will receive additional shopping vouchers worth $ 110 (in addition to the early bird promotion) with a minimum reward of $ 30,000

Terms and conditions apply. Read all the details Here,

Grow your nest egg with Tiq from Etiqas EASY to save Insurance savings plans and learn more about the stable of insurance products Here,

This policy is managed by Etiqa Insurance Pte. Ltd. (Company registration number 201331905K).

Since buying life insurance is a long-term commitment, early cancellation of the policy is usually costly and the surrender value you may have to pay may be zero or less than the total premium paid. You should seek advice from a financial advisor before deciding to buy the policy. If you choose not to seek advice, consider whether the policy is right for you.

Protected by SDIC up to specified limits. The information is correct and corresponds to the status of January 23, 2020.

This ad has not been reviewed by the Monetary Authority of Singapore.

Are you saving for something right now? How do you achieve your financial goals? Let us know in the comments below!

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